User Attitude and Intentions Towards FinTech in Bangladesh

User Attitude and Intentions Towards FinTech in Bangladesh

Fairtown Zhou Ayoungman (Yunus Social Enterprise Center, Business School, Zhengzhou University, China), Nazmul Hasan Chowdhury (Yunus Social Enterprise Center, Business School, Zhengzhou University, China), Nida Hussain (Yunus Social Enterprise Center, Business School, Zhengzhou University, China) and Papel Tanchangya (Yunus Social Enterprise Center, Business School, Zhengzhou University, China)
Copyright: © 2021 |Pages: 19
DOI: 10.4018/IJABIM.20210701.oa30
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FinTech is considered as a need for modern financial methods to compete with traditional financial methods. The combination of innovation, technology and finance develop a unique method that could be a source of economic development in developing countries. Modern technologies are essential to recognize the user attitude, behaviour and intentions towards FinTech. Hence, the key objective of the study is to investigate the user attitude and intentions towards the adoption of FinTech in Bangladesh. Under the light of the Technology Acceptance Model and Theory of Planned Behaviour, the following study used Perceived Trust, Perceived Usefulness, Perceived Compatibility, Perceived Cost Efficiency and Perceived Risk as an independent variable towards attitude and intentions of the users towards FinTech products. The study collected data from 450 FinTech users from Bangladesh and the proposed relationship among variables were measured by Structural Equation Model by using SMART-PLS. The research findings will benefit FinTech operators to create more customized services for local consumers.
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Financial technology (FinTech) is a unique combination of technology and finance, that drawn under the innovative strategies and provide solutions to facilitate day-to-day emerging financial problem (Berg et al., 2020). FinTech has delivered an incredible rise in the global marketplace, particularly in India, China and the UK. Alipay, E-wallet, crypto-currency, Paypal, peer-to-peer (P2P) borrowing, corporate sponsorship, and InsureTech are peer operators in the international market (Anagnostopoulos, 2018). In a niche market, some FinTech service providers are keener to provide extraordinary user services and products to enhance users technology experiences. Mobile operators and the banking industry have now become the key FinTech service and product providers that offer popular items to individuals and corporate businesses (Bömer & Maxin, 2018). While FinTech is still very much in infancy in the Asian market (Eickhoff et al., 2017), numerous studies have been directed, which not only examine the benefits and costs of FinTech but also provide the latest solutions for individual and business sectors (Juengerkes, 2016).

In recent years, investors are more interested to invest in FinTech. Big data, crypto-currency (Jonker, 2019), mobile networks (Wu & Wang, 2005), cloud computing (sH. Amin, 2009) and banking (Manrai & Manrai, 2007) were highly trendy towards the advancement in financial development and innovation in the market. The digital transformation of mobile banking is somehow dependable on investment in information and communication technology.

Under the Bangladeshi context, the following research is related to the overall knowledge and adoption of FinTech products among local consumers or users. They are generally inadequate to access FinTech services. Therefore, to analyze the engagement and understanding of FinTech by Bangladeshi customers, a conceptual model has been proposed. Furthermore, the objective of the research study is to establish the conceptual elements that may stimulate the knowledge and acceptance among the target consumers of FinTech services and products. Moreover, consumer behaviour toward the acceptance of FinTech services and products is discussed. In recognizing and encouraging the use of FinTech products and services, the results would be beneficial to researchers, FinTech operators and businesses. The outcome of this research is expected to be a breakthrough that would make a foremost contribution to Bangladesh’s economy in its digitalization process.

This study implemented the Technology Acceptance Model (TAM) and Theory of Planned Behaviour (TPB) to understand the user acceptance intentions towards Fintech services and product. This study analyzes the dynamics that affect users intention to use FinTech services and products in Bangladesh. the following research is developed to expand the TAM model, which resulted in 5 additional determinants to assess the attitude and consumers intentions for using FinTech services and products. The determinants are Perceived Trust (PT), Perceived Usefulness (PU), Perceived Compatibility (PCOM), Perceived Cost Efficiency (PCE) and Perceived Risk (PR).

The following research paper is structured as follows. In the following section, significant literature is studied, and a developed conceptual model and some theory are acquainting in detail. Under the light of TAM and TBP hypothesis of study has been developed. Thus, data analysis and results have been discussed in the discussion section. In last, the study concludes with limitations and proposed suggestions for future research work.


In the modern era, technology is the basic pillar of any developed and developing economy. Countries are working hard to deliver their best to provide technological access to each individual. Due to this competition, many new innovative solutions have been observed globally (Stern et al., 2017). Now technology is not limited only to information systems but is revolutionizing all sectors of the economy. Hence, the financial revolution under the technology spectrum is now being observed globally (Schmidt et al., 2018).

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